Zinka Logistics Solution IPO: The mainboard initial public offering (IPO) of the digital truck operator platform Zinka Logistics Solution Limited received tepid response on the first day of issue and was not fully subscribed by investors. The Flipkart-backed public issue hit India’s primary market to open for a three-day subscription period on Wednesday, November 13 and will close on Monday, November 18.
Zinka Logistics Solution IPO, or BlackBuck IPO, aims to raise ₹1,114.72 crore through the public issue. It has reserved not less than 75 per cent of the shares in the public issue for qualified institutional buyers (QIB), not more than 15 per cent for non-institutional Institutional Investors (NII), and not more than 10 per cent of the offer is reserved for retail investors.
Zinka Logistics Solution IPO Subscription Status
On the first day of subscription, Zinka Logistics Solution IPO was booked 24 per cent by the end of the session. The portion reserved for retail investors was booked the highest among the three groups of investors at 51 per cent. The portion reserved for QIBs was booked 26 per cent and NIIs bid 0.2 per cent. The portion reserved for employees was booked 3.22 times on the first day. According to BSE data, the IPO received 54,08,100 share applications against 2,25,67,270 shares offered on Wednesday.
Zinka Logistics Solution IPO Details
BlackBuck IPO is a book-built issue of ₹1,114.72 crore. The mainboard issue is a combination of a fresh issue of 2.01 crore shares aggregating ₹550.00 crore and an offer for sale (OFS) of 2.07 crore shares aggregating ₹564.72 crore by the current shareholders and promoters. The OFS will be valued at ₹564.72 crore at the highest price point.
For the public issue, Zinka Logistics Solution Limited’s IPO price band has been fixed at ₹259 to ₹273 per equity share, with a face value of Re 1 each. The company’s promoters are Rajesh Kumar Naidu Yabaji, Chanakya Hridaya, and Ramasubramanian Balasubramaniam.
